The Egyptian government, represented by the Ministry of Supply and Internal Trade and the Ministry of Planning, this week signed a Memorandum of Understanding (MOU) with Visa Inc., to enable electronic payment of government subsidies to 22 million Egyptian families.
The MOU was signed by H.E. Dr. Khaled Hanafy, Minister of Supply and Internal Trade, H.E. Dr. Ashraf Al Arabi, Minister of Planning, Monitoring, and Administrative Reform, and Stephen Kehoe, senior vice president for Financial Inclusion, Visa Inc., at a ceremony held at the Ministry of Administrative Development. The signing of the MOU today launches an ambitious period of work designed to provide Egypt with one of the most modern subsidy payments systems in the world.
H.E. Dr. Khaled Hanafy, Minister of Supply and Internal Trade said, “The MOU is an additional step towards the empowerment of Egyptian citizens and signifies that the government is keen to enhance the quality of services offered to them. Visa, the most experienced company in the field, is financing the study that aims at transforming the current subsidy scheme and providing Egyptians with a payment tool that would provide more services and benefits. This will result in greater financial inclusion which requires cooperation amongst all stakeholders.”
“We consider the study as a milestone in our greater plans for the development of Egypt by 2030. It reflects the government’s resolve to address the challenges and improve the lives of Egyptians by collaborating with companies like Visa. It is a testament that we are seeking international standards when it comes to the services offered to our citizens,” said H.E. Dr. Ashraf Al Arabi, Minister of Planning, Monitoring, and Administrative Reform.